financetom
Economy
financetom
/
Economy
/
US East Coast ports union meets over wage demand, preps for possible strike
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US East Coast ports union meets over wage demand, preps for possible strike
Sep 6, 2024 12:05 PM

(Reuters) - The International Longshoremen's Association union, representing 45,000 workers at major container ports from Texas to Maine, will begin two days of meetings on Wednesday to review wage demands and prepare for a potential strike on Oct. 1.

Formal talks have reached an impasse as the union and the United States Maritime Alliance employer group wrangle over pay, automation, healthcare and retirement benefits.

A source familiar with the negotiations said the ILA has asked for a 77% pay bump over the life of the new contract. Three experts told Reuters the final increase would likely improve on the 32% rise the West Coast longshore union negotiated last year.

ILA International President Harold Daggett has warned that union workers will walk off the job if a new labor agreement is not reached before the current six-year contract expires on Sept. 30.

USMX said in statements it has been trying to set a meeting with ILA to resume talks.

Any work slowdown or stoppage would affect key ports - including New York/New Jersey, Houston and Charleston, South Carolina - backing up goods ahead of the key holiday season and U.S. presidential elections.

Such disruptions would have "serious ripple effects" on global supply chains already under pressure from Red Sea diversions, said Vincent Clerc, CEO of A.P. Moller-Maersk, last week at an event in Los Angeles.

Maersk is a USMX member company. When asked about the status of the talks, Clerc said negotiators previously had been able to "take it from the brink" and reach an agreement.

Shippers that depend on affected ports are not taking chances, and many have brought in goods early to mitigate risk.

Still, each day without a deal fuels worries about a strike.

The National Retail Federation on Tuesday urged the two sides to return to the bargaining table, following similar calls by the Retail Industry Leaders Association and American Apparel & Footwear Association.

"A strike or other disruption would significantly impact retailers, consumers and the economy. The administration needs to offer any and all support to get the parties back to the table to negotiate a new contract," NRF CEO Matthew Shay said in a statement.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Mcdonalds Insider Sold Shares Worth $281,221, According to a Recent SEC Filing
Mcdonalds Insider Sold Shares Worth $281,221, According to a Recent SEC Filing
Jul 23, 2025
03:15 PM EDT, 07/23/2025 (MT Newswires) -- Joseph M. Erlinger, President, McDonald's USA, on July 23, 2025, sold 939 shares in Mcdonalds ( MCD ) for $281,221. Following the Form 4 filing with the SEC, Erlinger has control over a total of 9,283 common shares of the company, with 9,283 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/63908/000156761925000375/xslF345X05/form4.xml Price: 297.50, Change: -1.67,...
Southwest Airlines misses Q2 profit estimates as US travel demand wavers
Southwest Airlines misses Q2 profit estimates as US travel demand wavers
Jul 23, 2025
(Reuters) -Southwest Airlines ( LUV ) posted second-quarter profits that missed Wall Street estimates on Wednesday, hurt by weak travel demand in the domestic market. Lingering uncertainty about the broader economy and rising living costs in the aftermath of President Donald Trump's trade war have taken a toll on carriers that primarily service the U.S. domestic market and price-sensitive customers....
Bessent says Fed forecasts 'politically biased'
Bessent says Fed forecasts 'politically biased'
Jul 23, 2025
WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Wednesday suggested without evidence that the Federal Reserve's widely followed economic forecasts are motivated by politics, as the Trump administration steps up pressure on the U.S. central bank to cut interest rates. The Fed publishes something called a summary of economic projections, and it's pretty politically biased, Bessent said, summarizing the projections...
Takeaways of US-Japan deal include potential gains for Trump, Ishiba and EU
Takeaways of US-Japan deal include potential gains for Trump, Ishiba and EU
Jul 23, 2025
(Reuters) -An emerging U.S.-Japanese trade deal could unlock major investment, avert a potential shock to the global economy and may deliver political wins for both U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba, though many specifics of the agreement remain unclear. Here's a closer look at the early takeaways: * The deal stabilizes the global trade outlook by...
Copyright 2023-2026 - www.financetom.com All Rights Reserved